Global cumulative solar PV capacity 2023, by select country

China's cumulative solar PV (photovoltaic) capacity reached 649 gigawatts at the end of 2023. In the last years, solar power has become a force in the energy market. 

Leading solar PV markets

With the assistance of politically-driven subsidies, the solar photovoltaic (PV) sector continues to attract investors, with investment volumes that eclipse the deals made in other markets, including the wind power and bio mass energy sectors. Global cumulative installed solar PV capacity amounted to approximately 1.6 terawatts in 2023, up from less than 2.6 gigawatts in 2003. China, The United States, Vietnam, Japan, and Germany are the most important markets for solar photovoltaic installations.

Solar PV modules

The process to convert solar radiation into direct current electricity requires the use of inverters and solar photovoltaic modules. Such modules consist of a number of solar cells which are usually made from semiconductor materials such as silicon. The most widely used materials to produce solar cells include multicrystalline (also called polycrystalline) silicon or monocrystalline (also called single-crystal) silicon. As a result of policy instruments such as punitive tariffs, subsidies and tax cuts, the prices of solar modules began to fall in 2002 and continued as PV technology advanced. Production of solar cells increasingly shifted towards Asian markets. Lower costs drove innovation in the field of solar cell technology and made solar PV power more affordable.